Published On: Wed, Feb 14th, 2018

Charlie Lee Labels Litecoin Cash a Scam

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Forks are now commonplace in the crypto industry. Bitcoin has had more of them than an Italian restaurant in recent months. While they may cause confusion to those new to the scene, they are essentially just another version of the original blockchain. Well most of them are anyway; a new fork of Litecoin may not be all that it seems.
It has been reported this week that Litecoin founder Charlie Lee is actively warning people not to trust or invest in Litecoin Cash. The new version apparently has nothing to do with the original LTC and is just using the name to generate interest and dupe people into believing it is.
Forking Confusion
One of the major problems with cryptocurrency at the moment is that anybody can launch their own one and scam people out of money by claiming it is something else. This is why governments are scrambling to get some regulation in place to prevent these things happening.
The aim of the unrelated altcoin is to increase the block speed at which the network can process transactions. The creators claim that Litecoin Cash has a goal block time of 2.5 minutes, which is faster than LTC and with 90% cheaper …

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